The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter X. The bond market

Collection:: Economics Books

264 THE WORK OF THE STOCK EXCHANGE inquire the market. Since it sometimes happens that a dealer’s bid or offer will thus be left with a quotation clerk and later, unknown to the latter, the dealer may have his order canceled or may perhaps conclude his transaction with another dealer in the crowd, the bids and offers left with quotation clerks are necessarily subject to confirmation before serving as a basis for dealing. On the side wall is a device which makes an enlarged reflection of the bond ticker tape visible to the bond crowd, and thus keeps it informed as to the general course of all listed bond prices. The active bond market, as its name implies, deals in those American corporation bonds which are generally the most actively negotiated. When issues previously inactive become consistently active, they are transferred hither, and when previ- ously active issues grow consistently inactive, they are removed to the inactive bond market. - The Inactive Bond Market.—The second section of the bond room is devoted to the inactive bond market, which is con- ducted on quite different principles. Many American company bonds are bought and sold on the Exchange so intermittently that there can be no “bond crowd” of Exchange members actively shouting bids and offers for them. Thus, the problem with such issues is to provide a means whereby the occasional bids and offers for them tan automatically and regularly be kept “in the market.” This is done in the inactive bond market by a hollow circle of steel filing cabinets (referred to as a rule as “cans” ) which are provided with flat indexed drawers, each devoted to a particular inactive bond issue. When a bid or offer for an inactive bond comes over the Exchange member's telephone, the telephone clerk at once fills out a card for it (Figure 19), which records the date, the name of the given Stock Exchange house, the name of the bond, the number of bonds involved, and the price. Cards containing offers are headed “SELL” and are printed in red, while those for bids are headed “Buy” and are printed in black. Orders good for

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